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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

6 December 2019

Jobless rate in Canada reaches 5.9%

Last month, Canada’s economy showed the largest monthly job loss since the financial crisis, raising the jobless rate and giving the central bank more reasons to cut the overnight rate in 2020.

According to Statistics Canada, the economy lost 71,200 jobs in November, and the unemployment rate went up by 0.4% to 5.9%. It’s the biggest number since 6% reported in August 2018.

Refinitiv says economists predicted an average of 10,000 new jobs and no changes to the jobless rate.

Brett House, deputy chief economist at Scotiabank, says the decline only increases the pressure on the Bank of Canada to cut rates next year.

"It questions the Bank’s recent comments on planning to follow the initial course”, - House noted.

The report followed a rate decision by the central bank earlier this week, when it kept its key lending rate at 1.75%, where it has stayed for more than a year already.

Meanwhile, many of the BoC’s international peers have already cut their rates and eased monetary policy reacting to weakness in the global economy. For instance, the U.S. Federal Reserve has made three cuts this year.

The optimistic sign is the gain in the annual growth of average weekly wages from 4.3% in October to 4.5%.

Moreover, the national economy has added 293,000 jobs from November 2018.




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